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30 minutes before US futures opened this weekend, Bitcoin and Ethereum dropped sharply in a quick move that liquidated $32 million in longs.
Then, the moment US futures opened, both recovered just as fast, pushing back above the drop level and liquidating another $8 million in shorts on the way up.
Down to wipe out longs. Up to wipe out shorts. All within one hour.
Whether that is coordination or just the natural mechanics of a low liquidity weekend market is a matter of debate. But the pattern of big moves right before major market opens, followed by an immediate reversal, is one traders have been pointing to for years.
Leveraged traders on both sides got cleaned out. Someone on the other side of those trades had a very good Sunday.